At 11:40 AM, recorded at $111,872... Breaking the previous high within 10 hours
Foreign media: "BTC classified as a safe asset"... US stock market decline and Google search data presented
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Bitcoin recorded $111,872 at 11:40 AM on the 22nd, surpassing the record set just 10 hours earlier. Bitcoin recorded $109,767 at 1:50 AM on the 22nd.
The cause of Bitcoin's high-altitude march is attributed to institutional fund inflows. Bitcoin is beginning to be recognized as a safe asset, and institutions have been withdrawing funds from risky assets and injecting funds into Bitcoin.
On the 21st, the US stock market closed with the Dow Jones Industrial Average, S&P 500 index, and Nasdaq index falling by approximately 1.91%, 1.61%, and 1.41% respectively. Cointelegraph, a cryptocurrency specialized media, pointed out this fact and released an analysis that Bitcoin has escaped classification as a risky asset.
Caroline Voller, CEO of BTC Markets, an Australian cryptocurrency exchange, said, "The current Bitcoin rise should be interpreted as an asset maturity, not the speculative frenzy seen in past bull markets" and analyzed that "the current rise is driven by institutional demand".
The US Bitcoin spot ETF recorded approximately $996.6 million in net inflows over two days (about 1.3723 trillion won). While the net inflow for the 21st (local time) has not yet been tallied, the high net inflow over two days is interpreted as contributing to Bitcoin's new high record.
The Google Trends, which indicates the scale of public interest, also recorded 37 as of the 22nd, marking a typical low-market figure.
Reporter Seung-won Kwon ksw@blockstreet.co.kr
